Check out the Hawaii Island Real Estate Market Report for March 2023! Contact your LUVA Realtor to talk more about the local market.
Last month, we saw the number of sales increase slightly when compared to previous months this year, but sales continue to be drastically lower than they were last year at this time. We are still seeing low inventory, however, with significantly less demand compared to last year, we are seeing some listings stay on the market for longer than what was typical for last year.
The number of sales increased last month, from 129 sales in February 2023 to 161 sales in March 2023 and the median sales price was $550,000. This represents a decrease of 45% when compared to this time last year. The median sales price has increased by 5.8% when compared to this time last year. The average number of days on the market in March 2023 for single-family homes was 70 days, which represents an increase of 55% compared to last March at this time when homes stayed on the market for just 39 days.
There were 58 condos sold in March 2023, 10 more units than were sold in February 2023. This represents a decrease of 33% when compared to last year at this time. For condos, the median sales price was $595,000 which is a decrease of 2% when compared to this time last year. In North Kona, there were 35 condos sold, compared to 26 condos sold in North Kona in February. Condo listings stayed on the market for an average of 32 days in March 2023, an increase of just one day compared to February 2023. Last year at this time condos stayed on the market for an average of just 16 days.
Land sales climbed last month from 115 sales in February to 207 sales in March 2023. When compared to last year at this time there has been an 18% decrease in the number of sales. The median sales price for land in March 2023 was $47,400 which represents a 5% increase when compared to this time last year. Land listings remained on the market for an average of 98 days in March 2023, compared with 145 days in February 2023. This is compared to March 2022 when land listings stayed on the market for 101 days.